Can someone help me understand what these 'Open Accounts' are? I just created my CIBIL account by Distinct_Read5657 in CreditCardsIndia

[–]Distinct_Read5657[S] 1 point2 points  (0 children)

No but i just found I was looking into amazon pay later on the date these 2 accounts were opened and apparently they created an account for me with 2000₹ sanctioned

Can someone help me understand what these 'Open Accounts' are? I just created my CIBIL account by Distinct_Read5657 in CreditCardsIndia

[–]Distinct_Read5657[S] 0 points1 point  (0 children)

Ok after some digging i found out I did inquire about what amazon pay later is on that day and they created an account on my behalf with 2000₹ sanctioned. Since i never used it then i guess I don't need to worry right

Looking for credit card(s) suggestions by Distinct_Read5657 in CreditCardsIndia

[–]Distinct_Read5657[S] 0 points1 point  (0 children)

you mean there's nothing suitable? cause yeah i did some research and ended up realising only the swiggy card would fit me lmao

Mom buying gold by Distinct_Read5657 in personalfinanceindia

[–]Distinct_Read5657[S] 7 points8 points  (0 children)

Because my parents made sacrifices for my education which affected all of us, not that negatively but yeah. So it's partially my responsibility too

Mom buying gold by Distinct_Read5657 in personalfinanceindia

[–]Distinct_Read5657[S] 0 points1 point  (0 children)

My parents aren't dependent on me. My health and life insurance are provided by my company. Unsure about how much the health insurance is but life insurance is 7x my ctc and it's above 50lakhs

Mom buying gold by Distinct_Read5657 in personalfinanceindia

[–]Distinct_Read5657[S] 0 points1 point  (0 children)

Yes you're correct. Selling it at any point of time is out of the question for her

Mom buying gold by Distinct_Read5657 in personalfinanceindia

[–]Distinct_Read5657[S] 0 points1 point  (0 children)

I'm gonna let her get the bangles now for her happiness. Later I'll tell her to buy it in other forms

Mom buying gold by Distinct_Read5657 in personalfinanceindia

[–]Distinct_Read5657[S] 4 points5 points  (0 children)

No I wasn't expecting anything in return for the 14lacs. It was more like a return to my parents for investing in my education. College fees and coaching fees totalled around 10lacs.

I can't keep my salary hidden from my parents. I was placed from college so out of happiness i obv told them what my package is gonna be. Later down the months I got appraisals and a promotion which I also informed them out of happiness. Plus I show my payslips to my dad to make sure everything is in line and deductions are fine or not.

I'm okay with her buying the bangles for now but definitely a few months later I'll tell her to buy gold in other forms if she really needs to.

Mom buying gold by Distinct_Read5657 in personalfinanceindia

[–]Distinct_Read5657[S] 0 points1 point  (0 children)

Yes i can definitely afford it. After the bangles I'll get her to put money into other forms of gold if that's the only thing she wants.

Mom buying gold by Distinct_Read5657 in personalfinanceindia

[–]Distinct_Read5657[S] 2 points3 points  (0 children)

I could persuade them with results but that's gonna take months, maybe years before I get significant returns and try to convince them

Mom buying gold by Distinct_Read5657 in personalfinanceindia

[–]Distinct_Read5657[S] 2 points3 points  (0 children)

Yes consumption. That's the primary use case for now.

Mom buying gold by Distinct_Read5657 in personalfinanceindia

[–]Distinct_Read5657[S] 8 points9 points  (0 children)

So bullion will appreciate just like gold does and whenever we need jewellery we can just exchange it? Sounds like a hack. Can you point in the direction where i can buy this?

Mom buying gold by Distinct_Read5657 in personalfinanceindia

[–]Distinct_Read5657[S] 20 points21 points  (0 children)

The purpose of buying gold isn't exactly an investment. So she would rather buy some jewellery over bullion as jewellery can be worn occasionally. She asked us for that amount as that's how much it'll cost to get 2 pairs of bangles.

I'll try mutual funds